Global Registration Services - Market Update Q4 2017 And Q1 2018

Germany: PRIIPs KID

Since 1 January 2018 AIFMs registered under section 2(4) of the German Capital Investment Code ("KAGB") must create a key information document ("KID") when marketing fund shares to retail and semi-professional investors. AIFMs with a licence under section 30 of the KAGB do not have to publish a KID until 1 January 2020 if they have already created a key investor information document ("KIID") that complies with the UCITS IV Directive.

Below are the essential requirements:

• Obligation to create and update the KID: The KID must be prepared before interests in the AIF are sold to retail investors;
• The Commission Delegated Regulation (EU) 2017/653 contains a template for the KID, containing significant parts of which are mandatory;